Interfax reported that the Russian Federal Antimonopoly Service has determined that the purchase of a 24.73% stake in oil and gas sector engineering construction firm Stroytransgaz by Minefield Trading Ltd, a company close to businessman Mr Gennady Timchenko and his Volga Resources fund, violated the law on competition.

The FAS reviewed a petition filed by the company in late 2007 on the acquisition of this stake in Stroytransgaz. With the stake Mr Timchenko affiliates already own in the company, his share had grown to 69.4%.

The regulator ruled the transaction violated the law on competition because it did not give its preliminary approval to the deal.

Changes started to take place among the shareholders in Stroytransgaz in the first quarter of 2008, at around the same time as Timchenko consolidated Yamal LNG. Stroytransgaz said in an earnings statement that Gazprombank became a shareholder with 19.9994% as of March 5th 2008 as did four offshore companies two with stakes of 24.726% each, one with 19.97% and the other with 10.166%. Ubaska Holdings received the 10.166% in October 2008.

(Sourced from Interfax)